<p>2025 年的科技拋售創造了多個買入機會。去年，無數科技公司的估值飆升，使得尋找便宜貨變得困難。如果你一直在等待合適的時機入場或增加持倉，現在可能就是那個時機。</p>
<p>尤其是兩家標誌性企業今年迄今為止股價大幅下跌：<strong>Palo Alto Networks</strong>（PANW -6.97%）和 <strong>Nvidia</strong>（NVDA -7.03%）。這兩家公司目前都有令人信服的投資論點，但其中一家在長期潛力上更具優勢。</p>
<h2>Nvidia 相較於 Palo Alto Networks 的巨大優勢</h2>
<p>在討論哪隻股票更值得購買之前，首先了解每家公司商業模式之間的關鍵差異是很重要的。</p>
<p>Nvidia 主要是一家芯片製造商，生產圖形處理單元，通常稱為 GPU。GPU 是專用芯片，使得許多技術成為可能——從遊戲和照片編輯到機器學習和人工智能（AI）應用。簡而言之，Nvidia 是眾多大型和快速增長行業的重要組件供應商，今天最有前景的行業是人工智能。</p>
<p>而 Palo Alto Networks 則可以被視為一家網絡安全公司。其軟件提供網絡安全、雲安全以及一系列其他旨在保護企業免受惡意行為者攻擊的安全產品。其產品組合令人印象深刻，擁有超過 80,000 家全球企業客户，保護着數十億個終端。</p>
<p>GPU 製造和網絡安全都是快速增長的市場。這從每家公司的高估值中可以看出。Nvidia 的股票交易價格為銷售額的 20.6 倍，而 Palo Alto Networks 為銷售額的 14 倍。但在你認為 Palo Alto Networks 是更便宜的股票之前，檢查每家公司的增長率是很重要的。華爾街分析師預計，Nvidia 下個季度的增長速度將超過 Palo Alto Networks 的_4 倍_。Nvidia 的利潤率也顯著更高，得益於其一流的芯片，客户，尤其是人工智能客户，幾乎在所有競爭 GPU 中都對其需求最高。</p>
<p>由於 Nvidia 的更高增長率，其股票交易價格僅為未來銷售額的 13 倍——相比之下，Palo Alto Networks 的未來銷售額估值為 12.2 倍，僅小幅溢價。當你再考慮到其遠超同行的利潤率時，Nvidia 今天看起來是明顯的贏家。但還有一個原因使得 Nvidia 在未來幾年甚至幾十年都是一個不錯的投資選擇。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2a902408def73f2e71bd624852b6f093.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2a902408def73f2e71bd624852b6f093.png"/></p>
<p>NVDA PS 比率數據來源於 YCharts。</p>
<h2>CUDA 是 Nvidia 的秘密武器</h2>
<p>Nvidia 不僅僅是藉助人工智能浪潮實現增長。該公司早期投資於人工智能，這意味着其芯片在多年前就超越了競爭對手的芯片性能。事實上，Nvidia 在 2006 年推出的 CUDA——其專有的計算統一設備架構——可以説是賦予了 Nvidia 在芯片性能和整體市場份額方面保持優勢的關鍵。</p>
<p>CUDA 的主要優勢在於它允許開發者輕鬆快速地為其特定應用定製 Nvidia 的芯片。這提高了性能，有時甚至顯著提高。更重要的是，這使得這些客户更深入地融入 Nvidia 的生態系統，使得轉向競爭對手的 GPU 變得更加困難。</p>
<p>Nvidia 在 GPU 領域，尤其是用於人工智能和雲計算應用的 GPU 的主導地位並非偶然。早期的投資和 CUDA 的供應商鎖定應該為公司提供一種在快速發展的科技行業中不常見的持久競爭優勢。在回調之後，Nvidia 的估值，尤其是與其他科技明星如 Palo Alto Networks 相比，顯得過於誘人，投資者應該預期持續的波動，但現在似乎是長期投資於一家藍籌企業的絕佳時機，該企業瞄準本世紀最大的增長市場之一：人工智能。</p>

派拓網絡

英偉達

<p>最近的科技股拋售創造了買入機會，特別是對於派拓網絡和英偉達，這兩家公司都經歷了股價下跌。作為領先的芯片製造商，英偉達預計將比專注於網絡安全的派拓網絡實現更快的增長。英偉達的利潤率更高，以及其在人工智能領域的早期投資和獨有的 CUDA 技術，使其具備了競爭優勢。儘管市場波動，英偉達在人工智能領域被視為一個強勁的長期投資</p>

<p>The tech sell-off of 2025 has created several buying opportunities. Last year, the valuations for countless tech businesses went through the roof, making it difficult to bargain hunt. If you've been waiting for the right time to jump in or add to your positions, now could be that time.</p>
<div class="lb-trans"><p>2025 年的科技拋售創造了多個買入機會。去年，無數科技公司的估值飆升，使得尋找便宜貨變得困難。如果你一直在等待合適的時機入場或增加持倉，現在可能就是那個時機。</p>
</div><p>Two iconic businesses in particular have seen their share prices slump so far this year: <strong>Palo Alto Networks</strong>(PANW -6.97%) and <strong>Nvidia</strong>(NVDA -7.03%). Both companies have compelling investment theses right now, but one stands taller with greater long-term upside.</p>
<div class="lb-trans"><p>尤其是兩家標誌性企業今年迄今為止股價大幅下跌：<strong>Palo Alto Networks</strong>（PANW -6.97%）和 <strong>Nvidia</strong>（NVDA -7.03%）。這兩家公司目前都有令人信服的投資論點，但其中一家在長期潛力上更具優勢。</p>
</div><h2>Nvidia has this big advantage versus Palo Alto Networks</h2>
<div class="lb-trans"><h2>Nvidia 相較於 Palo Alto Networks 的巨大優勢</h2>
</div><p>Before jumping into which stock is a better buy, it's important to first understand the critical differences between each company's business model.</p>
<div class="lb-trans"><p>在討論哪隻股票更值得購買之前，首先了解每家公司商業模式之間的關鍵差異是很重要的。</p>
</div><p>Nvidia is primarily a chipmaker that produces graphics processing units, commonly referred to as GPUs. GPUs are specialized chips that make a ton of technologies possible -- everything from gaming and photo editing to machine learning and artificial intelligence (AI) applications. In a nutshell, Nvidia is a major supplier of critical components to a wide array of large and growing industries, the AI industry being the most promising today.</p>
<div class="lb-trans"><p>Nvidia 主要是一家芯片製造商，生產圖形處理單元，通常稱為 GPU。GPU 是專用芯片，使得許多技術成為可能——從遊戲和照片編輯到機器學習和人工智能（AI）應用。簡而言之，Nvidia 是眾多大型和快速增長行業的重要組件供應商，今天最有前景的行業是人工智能。</p>
</div><p>Palo Alto Networks, meanwhile, can be thought of as a cybersecurity company. Its software delivers network security, cloud security, and a host of other security products meant to protect businesses from bad actors. Its product suite is impressive, boasting more than 80,000 enterprise customers worldwide, with billions of protected endpoints.</p>
<div class="lb-trans"><p>而 Palo Alto Networks 則可以被視為一家網絡安全公司。其軟件提供網絡安全、雲安全以及一系列其他旨在保護企業免受惡意行為者攻擊的安全產品。其產品組合令人印象深刻，擁有超過 80,000 家全球企業客户，保護着數十億個終端。</p>
</div><p>Both GPU manufacturing and cybersecurity are growing end markets. That's evidenced by each company's premium valuation. Nvidia shares trade at 20.6 times sales versus 14 times sales for Palo Alto Networks. But before you think Palo Alto Networks is the cheaper stock, it's important to check the growth rates of each business. Wall Street analysts expect Nvidia to grow at more than <em>4 times</em> faster than Palo Alto Networks next quarter. Nvidia also has significantly higher profit margins, aided by its best-in-class chips that customers, especially AI customers, demand above nearly every competing GPU.</p>
<div class="lb-trans"><p>GPU 製造和網絡安全都是快速增長的市場。這從每家公司的高估值中可以看出。Nvidia 的股票交易價格為銷售額的 20.6 倍，而 Palo Alto Networks 為銷售額的 14 倍。但在你認為 Palo Alto Networks 是更便宜的股票之前，檢查每家公司的增長率是很重要的。華爾街分析師預計，Nvidia 下個季度的增長速度將超過 Palo Alto Networks 的_4 倍_。Nvidia 的利潤率也顯著更高，得益於其一流的芯片，客户，尤其是人工智能客户，幾乎在所有競爭 GPU 中都對其需求最高。</p>
</div><p>Due to Nvidia's higher growth rates, shares trade at just 13 times forward sales -- only a small premium to Palo Alto Networks' 12.2 times forward sales valuation. When you add in its far superior profit margins, Nvidia looks like the clear winner today. But there's one other reason why Nvidia is a great bet for the next few years, or even the next few decades.</p>
<div class="lb-trans"><p>由於 Nvidia 的更高增長率，其股票交易價格僅為未來銷售額的 13 倍——相比之下，Palo Alto Networks 的未來銷售額估值為 12.2 倍，僅小幅溢價。當你再考慮到其遠超同行的利潤率時，Nvidia 今天看起來是明顯的贏家。但還有一個原因使得 Nvidia 在未來幾年甚至幾十年都是一個不錯的投資選擇。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2a902408def73f2e71bd624852b6f093.png" alt="" original-src="https://media.ycharts.com/charts/2a902408def73f2e71bd624852b6f093.png"/></p>
<p>NVDA PS Ratio data by YCharts.</p>
<div class="lb-trans"><p>NVDA PS 比率數據來源於 YCharts。</p>
</div><h2>CUDA is Nvidia's secret weapon</h2>
<div class="lb-trans"><h2>CUDA 是 Nvidia 的秘密武器</h2>
</div><p>Nvidia isn't just riding the AI wave to growth. The company invested in AI early, meaning its chips surpassed the performance of competing chips for this application many years ago. In fact, it was company's launch of CUDA -- its proprietary Compute Unified Device Architecture -- way back in 2006 that has arguably given Nvidia the edge it maintains today when it comes to chip performance and overall market share.</p>
<div class="lb-trans"><p>Nvidia 不僅僅是藉助人工智能浪潮實現增長。該公司早期投資於人工智能，這意味着其芯片在多年前就超越了競爭對手的芯片性能。事實上，Nvidia 在 2006 年推出的 CUDA——其專有的計算統一設備架構——可以説是賦予了 Nvidia 在芯片性能和整體市場份額方面保持優勢的關鍵。</p>
</div><p>CUDA's main advantage was that it allowed developers to customize Nvidia's chips easily and quickly for their specific applications. This improved performance, sometimes significantly. More importantly, it entrenched these customers into Nvidia's ecosystem, making it more difficult to switch to a competitor's GPUs.</p>
<div class="lb-trans"><p>CUDA 的主要優勢在於它允許開發者輕鬆快速地為其特定應用定製 Nvidia 的芯片。這提高了性能，有時甚至顯著提高。更重要的是，這使得這些客户更深入地融入 Nvidia 的生態系統，使得轉向競爭對手的 GPU 變得更加困難。</p>
</div><p>Nvidia's dominant position in GPUs, especially those used for AI and cloud compute applications, is no accident. Early investments and CUDA's vendor lock-in should provide the company with a durable competitive advantage not typically seen in the quickly developing tech sector. After the pullback, Nvidia's valuation, especially compared to other tech darlings like Palo Alto Networks, is looking too good to pass up. Investors should expect continued volatility, but now appears to be a great time to take a long-term position in a blue chip business targeting one of the biggest growth markets this century: AI.</p>
<div class="lb-trans"><p>Nvidia 在 GPU 領域，尤其是用於人工智能和雲計算應用的 GPU 的主導地位並非偶然。早期的投資和 CUDA 的供應商鎖定應該為公司提供一種在快速發展的科技行業中不常見的持久競爭優勢。在回調之後，Nvidia 的估值，尤其是與其他科技明星如 Palo Alto Networks 相比，顯得過於誘人，投資者應該預期持續的波動，但現在似乎是長期投資於一家藍籌企業的絕佳時機，該企業瞄準本世紀最大的增長市場之一：人工智能。</p>
</div>

Which Nasdaq Sell-Off Stock Is Cheaper: Palo Alto Networks or Nvidia?

- 2025 年科技股拋售為投資者提供了買入機會。  
- Nvidia 與 Palo Alto Networks 的股價均下滑，前者在 AI 領域具備更大優勢。  
- Nvidia 的 CUDA 架構增強了其市場競爭力，適合長期投資。

哪隻納斯達克拋售股票更便宜：派拓網絡還是 NVIDIA？